No Income Limit? The Chenoa Fund Is the Down Payment Program Nobody Talks About

Most first-time buyers in Tampa Bay have heard of Florida Hometown Heroes. Some know about county SHIP funds. But ask about the Chenoa Fund and you'll usually get a blank stare — even from buyers who have spent months researching programs.

That's a shame, because the Chenoa Fund does something almost no other down payment assistance program does: it has no income limit.

What Is the Chenoa Fund and How Does It Work?

The Chenoa Fund is a national down payment assistance program administered by CBC Mortgage Agency, a federally chartered tribal entity. It provides 3.5% or 5% of the loan amount as assistance that can be applied directly to your FHA down payment requirement.

It pairs exclusively with FHA loans, which means the path looks like this:

1. You get approved for an FHA loan (minimum 3.5% down required by FHA) 2. The Chenoa Fund provides that 3.5% as a second mortgage or forgivable grant 3. You close with little to no money toward the down payment

The result: you can own a home without draining your savings account.

Who Actually Qualifies? The No-Income-Limit Advantage

Here is where the Chenoa Fund pulls ahead of the competition.

Florida Hometown Heroes — one of the state's most popular programs — caps household income at roughly $128,000 in Hillsborough County. HFA Plus has similar limits. Bank of America's community grant programs have income thresholds tied to area median income.

The Chenoa Fund has none of that. A nurse practitioner making $140,000 a year qualifies. A dual-income household at $160,000 qualifies. A single buyer earning $115,000 in a high-cost zip code qualifies.

The basic eligibility requirements are:

• Credit score: Minimum 620 for most products; 640+ for the forgivable option
• Loan type: FHA loan (30-year fixed)
• Property type: Primary residence only (single-family, condo, townhome)
• Buyer type: First-time buyers are not required — the program is open to repeat buyers too
• Income limit: None

That last point deserves repeating. Whether you earn $55,000 or $155,000, the Chenoa Fund does not disqualify you based on income.

What Are Your Two Down Payment Assistance Options?

When you apply for the Chenoa Fund, you choose between two structures:

Forgivable Second Mortgage The assistance is provided as a second mortgage at 0% interest. After 36 consecutive on-time mortgage payments — three years of steady payments — the balance is forgiven entirely. You never pay it back. This is the most popular option for buyers who plan to stay in the home.

Repayable Second Mortgage If you prefer to put 5% down rather than 3.5%, or if your credit score is below 640, the repayable version is a 10-year second mortgage at a below-market fixed rate. You pay it back monthly alongside your primary mortgage. It adds a modest payment but allows for more flexibility in qualification.

Both options accomplish the same core goal: getting you into a home without depleting your savings.

How Does the Chenoa Fund Compare to Hometown Heroes?

These two programs are not competitors — they serve different buyers. Here is a side-by-side picture:

| | Chenoa Fund | Hometown Heroes | |---|---|---| | Income limit | None | ~$128K (Hillsborough) | | Employer requirement | None | Florida employer | | Occupation requirement | None | Education, healthcare, etc. | | Min credit score | 620 | 640 | | Assistance amount | 3.5% or 5% | Up to 5% | | Forgivable option | Yes (36 months) | Yes (10+ years) |

If you qualify for Hometown Heroes, that program is often the better first step because of its strong terms and state-backed structure. But if your income is above the cap, your employer is out of state, or your occupation doesn't qualify — the Chenoa Fund fills that gap.

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Ready to find out which programs you qualify for? Barrett Henry, REALTOR® with RE/MAX Collective, connects Tampa Bay buyers with lenders who are approved for both Hometown Heroes and the Chenoa Fund. Start with the free eligibility check at /eligibility or call (813) 733-7907 today.

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How Do You Apply for the Chenoa Fund in Tampa Bay?

The Chenoa Fund is not offered by every lender — you need a CBC Mortgage Agency-approved lender who is trained on the program. This is an important distinction. A lender who has never processed a Chenoa Fund loan can cost you time and create confusion at closing.

Here's the smart path:

1. Check your eligibility first. Use the form at /eligibility to get a fast read on which programs — including the Chenoa Fund — match your situation. 2. Get pre-approved with an approved lender. Your lender will run your FHA qualification and stack the Chenoa Fund second mortgage on top. 3. Shop with a combined budget. Once you know your loan amount and that the down payment is covered, you shop for homes within that range. 4. Negotiate seller concessions for closing costs. The Chenoa Fund handles the down payment; seller concessions can handle closing costs. In Tampa Bay's current market, sellers are often willing to contribute 3% or more toward buyer closing costs. 5. Close and start your 36-month clock (if you chose the forgivable product).

Can You Stack the Chenoa Fund With Other Assistance?

In some cases, yes. The Chenoa Fund can be paired with:

• Seller concessions for closing costs — nearly always possible
• Lender credits to offset fees
• County SHIP funds in some scenarios — ask your lender about layering rules

What you typically cannot do is stack Chenoa Fund with Hometown Heroes simultaneously, as both involve second-mortgage structures and most lenders won't layer two subordinate liens. However, if Hometown Heroes disqualifies you due to income, the Chenoa Fund becomes your primary down payment tool — and seller concessions become your closing cost strategy.

For a deeper look at FHA loan mechanics, see FHA Loans in Tampa Bay. If you do qualify for Hometown Heroes, read Florida Hometown Heroes 2026 to compare side by side. For veterans, VA Loans remain the strongest zero-down option available.

The Bottom Line

The Chenoa Fund is not the flashiest program in Florida's first-time buyer toolkit, but for buyers who earn too much to qualify for income-capped programs, it can be the difference between buying this year and waiting another two or three years to save up a down payment.

No income limit. No occupation requirement. Forgivable after three years of on-time payments. And available across Tampa Bay through approved FHA lenders.

Barrett Henry, REALTOR®, has 23+ years of real estate experience helping buyers find the right loan structure for their specific situation. Start with a free eligibility check at /eligibility or call (813) 733-7907 — and find out if the Chenoa Fund is the missing piece in your home-buying plan.